Deal to fund debt repayment; company intends to acquire KNR Management
By Devika Patel
Knoxville, Tenn., Feb. 3 - Bellair Ventures Inc. said it will conduct a private placement of units through agent Canaccord Genuity Corp. The deal will raise C$2 million.
The company will sell 4 million units of one common share and one half-share warrant at C$0.50 apiece. The whole warrants are exercisable at C$0.75 for two years.
The strike price is a 15.39% premium to the Feb. 2 closing share price of C$0.65.
Proceeds will be used for working capital requirements and general corporate purposes, as well as the repayment of debt held by KNR Management Inc. The company also said it plans to acquire KNR through a share exchange, which will consist of 4 million company shares.
The Toronto-based issuer is a capital pool company.
| Issuer: | Bellair Ventures Inc.
|
| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2 million
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| Units: | 4 million
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| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.75
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| Agent: | Canaccord Genuity Corp.
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| Pricing date: | Feb. 3
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| Stock symbol: | TSX Venture: BVI.P
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| Stock price: | C$0.65 at close Feb. 2
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